Visionfund Myanmar raises $4 million loan
New Delhi: Visionfund Myanmar has received $4 million in financing from the Japan ASEAN Women Empowerment Fund (JAWEF) and Microfinance Initiative for Asia (MIFA) Debt Fund, the firm announced on 6 September. ASEAN is short for the Association of South-east Asian Nations.
The financing will be in the form of a loan for a two-year term from JAWEF, a microfinance initiative aimed at the empowerment of women in South-east Asia, and MIFA. Both funds are managed by global impact investment manager Blueorchard Finance Ltd.
Visionfund Myanmar claims to have the largest geographical reach in providing microfinance services in the country. The firm will use the loan to extend services to rural and urban communities, it said in a statement.
Rommel Caringal, chief executive officer of Visionfund Myanmar, said, “We believe in brighter futures for children, empowering families to create incomes and jobs and unlocking economic potential for communities to thrive. We are pleased to collaborate with Blueorchard, and this cooperation will enable us to expand our services and bring greater financial inclusion to families of Myanmar.”